LIGAND PHARMACEUTICALS INC

$125m committed across 1 active facility, next covenant test Sep 30, 2026. LGND · LGNDZ · LGNXZ · LGNYZ · LGNZZ

Pharmaceutical Preparations

Recent changes

  1. Aug 7, 2026LIGAND PHARMACEUTICALS INC signs $125m AMENDED AND RESTATED CREDIT AGREEMENT, matures Sep 2028SEC ↗
Tested quarterlyHeadroom not yet measured100,000,000
  • From Jun 30, 2027 · 150,000,000
Permit Consolidated EBITDA for the most recently ended four (4) consecutive fiscal quarter period as of the end of any Measurement Period ending as of the end of any fiscal quarter of the Borrower to be less than (i) from the fiscal quarter ended June 30, 2026 to (and including) the fiscal quarter ending March 31, 2027, $100,000,000, and (ii) from and after the fiscal quarter ending June 30, 2027, $150,000,000.
Read the filing on sec.gov ↗
Tested quarterlyHeadroom not yet measured2.50x
Permit the Consolidated Senior Secured Net Leverage Ratio as of the end of any Measurement Period ending as of the end of any fiscal quarter of the Borrower to be greater than 2.50 to 1.00; provided that, to the extent a Material Permitted Acquisition is consummated... the Consolidated Senior Secured Net Leverage Ratio shall be no greater than 3.00 to 1.00 ... for the fiscal quarter in which the Material Permitted Acquisition is consummated and the immediately subsequent three (3) fiscal quarters thereafter.
Read the filing on sec.gov ↗

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AMENDED AND RESTATED CREDIT AGREEMENT

Signed Jul 14, 2026

Committed
$125m
Matures
Sep 2028
Agent
Citibank, N.A.
TrancheSizeMaturesMargin
Revolving credit facility$125mSep 2028175–250 bps

Priced over Term SOFR, floor 0 bps (Revolving credit facility).

LevelConditionMarginUnused fee
Level Level 1≤ 1.00 to 1.00175 bps30 bps
Level Level 2> 1.00 to 1.00 but ≤ 2.00 to 1.00200 bps35 bps
Level Level 3> 2.00 to 1.00 but ≤ 2.50 to 1.00225 bps40 bps
Level Level 4> 2.50 to 1.00250 bps45 bps

§1.01

Lenders: Citibank, N.A.

No amendments on file yet.

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